EURUSD short opportunity

FX_IDC:EURUSD   Euro / U.S. Dollar
The dollar is holding well so far this week thanks to the solid US employment data published Friday on top of the Chinese yuan devaluation today. While we see the greenback rallying against Asian FX and commodity currencies right now, the euro             is holding. I still anticipate renewed buying pressure on the dollar over the medium term and am interested in a short opportunity on the EUR/USD             at the $1.11 level ( trend line resistance). Technically speaking, a reversal below this level would probably see prices fall back to $1.08. If this does indeed happen, I would expect this support to break, at which point I would target $1.05 (and hopefully new year lows by September). A stop above $1.115 with a entry at around $1.1100-20 will allow for a risk/reward ratio greater than 1:5.
Well, this time shorting the trend line didn't work out. That's bound to happen at some point. Given that the euro's back up to $1.12, there's clearly a technical break going on in the market today.
I have my eyes on the same points of interest. EurUsd is in a down channel sins 29 june. Now at the top boundries. Seen on the 8h charts. Nice channel of 320 pips. Great playground.
You don't see it as bullflag?
+1 Reply
No, because to have a bull flag the dominant trend should already be bullish (e.g. continuation pattern).
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